Enforcement

Australian Financial Sector Condemned in Royal Commission Interim Report

01/10/2018

The report says financial institutions have had free reign to pursue their own interests at the expense of customers and regulators have been ineffective in policing their behaviour.

AML / KYC

HKMA Outlines Regtech Initiatives – Speech

28/09/2018

The HKMA is looking to build a more diversified regtech ecosystem in Hong Kong and urges for greater collaboration between the banking industry and technology community.

Market Infrastructure

ISDA Chief Urges Early Preparation for ‘Enormous Challenges’ of 2020

27/09/2018

The industry will need to start preparing quickly to meet the challenges facing the derivatives market, which will reach a critical point in 2020, says ISDA CEO Scott O’Malia.

Securities / Derivatives

FTSE Russell Index to Include China, MSCI Considers Increased Weighting

27/09/2018

FTSE Russell to include China A-shares in global and emerging market benchmarks in three tranches; MSCI consults on increasing China weighting over two years.

Securities / Derivatives

US SEC Cautions Against Governance Risks from Dual Class Shares – Report

26/09/2018

SEC commissioner Robert Jackson Jr reportedly urged Singapore and Hong Kong to maintain close oversight over companies with dual class share structures to mitigate against corporate governance risks.

Enforcement

ASIC Report Reveals ‘Unacceptable Delays’ by FIs in Handling Breaches

26/09/2018

Institutions take over 4 years to identify breaches, over 2 months to start an investigation into identified breaches, and 2.5 months to lodge breach reports with ASIC.

Fintech / Regtech

APRA Updates Guidance on Cloud Computing Use by Regulated Entities

25/09/2018

Information paper acknowledges improvements in the ability of regulated entities to manage cloud computing risks, while also detailing observed weaknesses and areas of concern.

Enforcement

MAS Publishes Monograph Detailing Enforcement Approach

25/09/2018

Monograph outlines how MAS manages enforcement work in three areas: detection, investigations and in taking enforcement action.

Fintech / Regtech

S. Korea Eyes Two More Internet-Only Banks in 2019

24/09/2018

The FSC said it plans to approve two more Internet-only banks next year, a day after a bill passes allowing non-financial firms to boost their ownership stakes in such banks.